Common use of RATE REDUCTION Clause in Contracts

RATE REDUCTION. Commencing on the later of (x) May 1, 2007 and (y) the date on which the conditions set forth in Section 4 below are either satisfied or waived (the “Effective Date”), the aggregate Per Block Hour reimbursement rate for each Aircraft shall be reduced by [***](after giving effect to escalation pursuant to Article 3G for calendar year 2007) for the remaining term of the Agreement. The parties agree that, upon and following satisfaction of the conditions provided by Section 4, as of the Effective Date, the Per Block Hour reimbursement rate for each Aircraft for the remainder of calendar year 2007 shall be [***]. For the avoidance of doubt, such reduction in the Per Block Hour reimbursement rate shall not be effective with respect to the utilization of the Aircraft prior to the Effective Date.

RATE REDUCTION. Commencing on the later of (x) May 1, 2007 and (y) the date on which the conditions set forth in Section 4 below are either satisfied or waived (the “Effective Date”), the aggregate Per Block Hour reimbursement rate for each Aircraft shall be reduced by [***](after giving effect to escalation pursuant to Article 3G for calendar year 2007) for the remaining term of the Agreement. The parties agree that, upon and following satisfaction of the conditions provided by Section 4, as of the Effective Date, the Per Block Hour reimbursement rate for each Aircraft for the remainder of calendar year 2007 shall be [***]. For the avoidance of doubt, such reduction in the Per Block Hour reimbursement rate shall not be effective with respect to the utilization of the Aircraft prior to the Effective Date.